Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The acquisition of a 53% stake in Fulu Family further expands the brand matrix of the company [5] - The beer industry has a large market size and consumer base, with increasing demand for high-quality and diverse products, which is expected to open up opportunities in the fresh beer market [8] - The company is expected to leverage its existing supply chain advantages and franchisee strengths to enhance its brand presence in the fresh beer sector [8] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2023: 20,302.47 million RMB - 2024: 24,828.87 million RMB (growth of 22.29%) - 2025E: 30,443.21 million RMB (growth of 22.61%) - 2026E: 36,691.03 million RMB (growth of 20.52%) - 2027E: 42,410.49 million RMB (growth of 15.59%) [6] - Net profit forecasts are as follows: - 2023: 3,137.34 million RMB - 2024: 4,436.50 million RMB (growth of 41.41%) - 2025E: 5,425.05 million RMB (growth of 22.28%) - 2026E: 6,586.02 million RMB (growth of 21.40%) - 2027E: 7,670.19 million RMB (growth of 16.46%) [6] - The price-to-earnings (P/E) ratios for the upcoming years are projected as follows: - 2025E: 26.88 - 2026E: 22.14 - 2027E: 19.01 [6] Company Overview - The company has acquired a 51% stake in Fulu Family for an investment of 286 million RMB, with the acquisition expected to enhance its brand portfolio [8] - Fulu Family operates approximately 1,200 stores across 28 provinces in China, primarily using a franchise model for expansion [8] - The company aims to maintain a high-quality and affordable product positioning in the fresh beer market, which includes a diverse product range [8]
蜜雪集团（02097）：收购福鹿家53%股权，进一步拓宽品牌矩阵